Many resorts are under construction at a rapid pace, pushing the supply of villas, hotel apartments and hotel rooms skyrocketing in a short time in Cam Ranh city.
According to the management board of the Cam Ranh peninsula tourist resort, there currently are 45 projects on an area of 1,681 hectares granted investment certificates with a total registered capital of approximately $1.3 billion, of which 31 projects have been now under construction.
According to real estate consultants, there are three main triggers causing the boom of resort projects on the Cam Ranh peninsula recently.
Firstly, Khanh Hoa tourism market grew strongly, especially as the number of Chinese visitors soared, causing hotels in central of Nha Trang city to start showing signs of overload.
Even though, investors also rushed to build new hotels and apartments but large areas of land along the coast of Nha Trang were not easy to find. Meanwhile, Cam Ranh has a fine sandy beach, gentle and clear water, which can become a luxury yet still peaceful beach resort next to an increasingly overcrowded Nha Trang.
Secondly, the international terminal of Cam Ranh International Airport, which will be put into operation in the second quarter of 2018, is considered as one of the breakthrough in the local tourism market.
Many hotel managers complained that the small airport is a bottleneck for the development of Khanh Hoa tourism, but it will soon be lifted with the open of a modern international terminal.
The new international terminal of Cam Ranh International Airport has a total investment of $163.4 million with a capacity of four million passengers a year and will double its capacity to welcome eight million visitors by 2030.
Last month, on average, Cam Ranh International Airport welcomed 30 international flights, mainly from China, Russia and Korea. With the opening of the new terminal, Cam Ranh International Airport is expected to receive regular flights from Singapore, Thailand and Japan as well.
Finally, the boom in the real estate market across the country has stimulated investors to restart projects in Cam Ranh city.
Some projects have been transferred to more potential investors, and some investors have revenue from the sale of resort villas and apartments, so they have more financial resources to implement the project instead of borrowing from the bank like before.
However, many projects still remain unresponsive or slowly deployed such as the Flower Resort project, Saigon Cam Ranh. Even Resilient Field resort of MB Land Holdings is also stranded as the project land has not been granted by the authorities due to the dispute with previous investors.
Three pioneering resorts open on the Cam Ranh Peninsula including Cam Ranh Riviera, Fusion Resort and Dessole Sea Lion. Since last year, the progress of the projects began to accelerate and three new resorts have been put into operation, which are Vinpearl Long Beach, Duyen Ha and The Anam.
The Cam Ranh Arena, invested by the Nha Trang Bay Investment and Construction Joint Stock, which is one of the most attractive projects to investors thanks to its unique advantages, is considered as a “breath of fresh air" making visitor's experiences becomes more exciting with endless discoveries.
However, the largest scale project is KN Paradise with a total area of 800 hectares. Located right next to Cam Ranh Airport, KN Paradise is invested by Long Thanh Golf Investment and Trading J.S.C., KN Paradise is an urban area with a 27 hole golf course, hotel chains, villas and townhouses.
Apart from Movenpick, many international management groups corporations like Melia, Best Western, Wyndham have also currently been in Cam Ranh city.
For instance, Best Western has just signed a deal to operate the Best Western Premier Cam Ranh resort with 376 rooms, while Wyndham is planning to operate the 572-room Wyndham Grand hotel complex in KN Paradise.